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these changes should have affected the equilibrium prices of property-casualty insurance policies, and explores the extent … insurance policy and industry data on premiums earned. Although the predicted impact of the changes in the tax rules enacted in … longest-tail line of insurance, in 1987), it is small relative to the variability of the actual loss experience …
Persistent link: https://www.econbiz.de/10013223880
dynamics are documented here to be specific to the U.S. and Canada. In other developed economies residential investment is …
Persistent link: https://www.econbiz.de/10013099826
This paper examines business cycles theoretically and empirically, with a quantitative study based on experience over the long run and in a cross section of countries. Several major questions in business cycle theory are explored. Theoretical concerns indicate that the properties of business...
Persistent link: https://www.econbiz.de/10013227745
several former colonies of Great Britain: the United States, Canada, Australia, New Zealand and South Africa. We trace out …
Persistent link: https://www.econbiz.de/10013313637
Since the passage of the Terrorism Risk Insurance Act of 2002, corporate terrorism insurance is sold as a separate … and terrorism insurance. Using a unique dataset of insurance policies purchased by large U.S. firms, combined with … financial information of the corporate clients and of the insurance provider, we apply a two-stage least squares (2SLS) approach …
Persistent link: https://www.econbiz.de/10013074297
This paper explores the changing role of government involvement in health care financing policy outside the United States. It provides a review of the economics literature in this area to understand the implications of recent policy changes on efficiency, costs and quality. Our review reveals...
Persistent link: https://www.econbiz.de/10013075869
Trade theorists have come to understand that their theory is ambiguous on the question: Are trade and factor flows substitutes? While this sounds like an open invitation for empirical research, hardly any serious econometric work has appeared in the literature. This paper uses history to fill...
Persistent link: https://www.econbiz.de/10013218517
What is the aggregate real rate of return in the economy? Is it higher than the growth rate of the economy and, if so, by how much? Is there a tendency for returns to fall in the long-run? Which particular assets have the highest long-run returns? We answer these questions on the basis of a new...
Persistent link: https://www.econbiz.de/10012931594
The paper presents an intertemporal general equilibrium model with rationing in the product market, in which stationary sunspot equilibria are shown to exist, indicating the possibility of fluctuations in economic activity simply due to self-fulfilling variations in economic agents'...
Persistent link: https://www.econbiz.de/10013138365
We formalize the Keynesian insight that aggregate demand driven by sentiments can generate output fluctuations under rational expectations. When production decisions must be made under imperfect information about demand, optimal decisions based on sentiments can generate stochastic...
Persistent link: https://www.econbiz.de/10013100355